In the last five years, there has been an increase in trade by 9.77 percentBogor, West Java (ANTARA) - Indonesia and Vietnam agreed on a new target of US$15 billion by 2028 in bilateral trade between both nations.
"In the last five years, there has been an increase in trade by 9.77 percent. Therefore, we have agreed to set a new bilateral trade target of US$15 billion by 2028," President Joko Widodo stated at the Bogor Presidential Palace on Thursday.
The president delivered the statement at a press conference with President of Vietnam Nguyn Xuân Phúc, who is on a state visit to Indonesia on December 21-23, 2022.
President Jokowi noted that several aspects pertaining to bilateral cooperation were discussed, particularly in relation to trade. A trade target of US$10 billion in 2023 had been exceeded earlier from the targeted time, with US$11.06 billion generated in 2021.
"Indonesia calls for attention to the delays in penetration of Indonesian agricultural and fruit products in the Vietnamese market," Jokowi stated.
President Jokowi said that Vietnam had been Indonesia's strategic partner since 2013.
"At the meeting earlier, we discussed various improvements in strategic partnership both on bilateral and regional scopes," he added.
President Jokowi also urged for protection of Indonesian investment in Vietnam.
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"I appreciate the Vietnam Government's trust in Indonesian companies investing in Vietnam. Accumulation of Indonesia's investment in Vietnam has reached more than US$600 million in 101 projects," he noted.
The president expected to address several issues experienced by Indonesian investors, so that they can encourage new investments in future.
President Phúc said he was pleased with the extensive conversation between Indonesia and Vietnam.
"I agree with what the president said with regard to good partnership relations between Indonesia and Vietnam in surmounting several challenges. We must increase political trust and economic cooperation," Phúc remarked.
President Phúc noted that Indonesia was currently Vietnam's third-largest trading partner in the ASEAN. Trade relations between the two countries had reached US$13 billion in the first 11 months of 2022, exceeding the figure in 2021.
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"This cooperation is important to improve defense, security, and maritime affairs, as well as intensify cooperation in energy, tourism, education, and people-to-people relations aspects," he noted.
Bilateral relations between Indonesia and Vietnam have been official since December 30, 1955, and escalated to a whole new level since June 2013 when they agreed on a strategic partnership.
By 2021, Indonesia had invested over US$600 million in housing, cement, animal feed, and auto parts.
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Translator: Desca L N, Mecca Yumna
Editor: Fardah Assegaf
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